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Oct 20 2009

Galleon Founder to Employees: 'I Did Nothing Wrong'

By FINSwire

Morning Coffee Newsletter

Galleon Group founder Raj Rajaratnam addressed the 130 employees at the hedge-fund manager's Manhattan offices on Monday, declaring that he did nothing wrong.

Rajaratnam, 52, was recently arrested in connection with a $20 million insider-trading ring. He is out on $100 million bail and plans to continue working at the company.

He was teary-eyed as he addressed the group. "I'm counting on you to take care of our investors," he said, according to an attendee.

Employees are watching money invested with the firm fly out the door as investors withdraw from the scandal-rocked hedge-fund manager. Since news broke, investors pulled out about a third of its assets under management according to The Wall Street Journal.

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